SBI Chairman pitches for National Financial Grid to unify credit and digital infrastructure
Mumbai, November 18 – State Bank of India (SBI) chief C.S. Setty told the CII Financing Summit that India could build a “National Financial Grid” to link the country’s credit bureaus, fraud lists, e‑KYC services, UPI payments, and account‑aggregator platform in one seamless system.
The idea is to give digital lending a new boost, improve how banks assess risk, and make data flow easier between banks and other lenders. “A single grid would give the whole ecosystem an open‑access backbone,” Setty said, adding that the Urban Local Infrastructure could become the backbone of the new system.
Setty explained that the technology must be backed by people. “Digital tools alone won’t work if staff and customers don’t understand them,” he cautioned, urging banks to up‑skill their teams and focus on customer education.
The comments come as India’s digital financial services grow fast. MSME lending has surged in the last five years thanks to better data and technology. The SBI chief said the bank is already working to make KYC and re‑KYC simpler and more user‑friendly, and that it will collaborate with regulators and the government on the effort.
At the Global Fintech Fest 2025, Setty added, “We are taking the lead at SBI to simplify the KYC process. If it means working closely with regulators and the government, we’ll do it.” He emphasized that SBI is well‑equipped to help businesses acquire financing.
The push for a National Financial Grid reflects India’s wider push for a more integrated, transparent and secure financial system, where digital payments, fraud prevention and risk management work together smoothly.
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